Market Insight

Market Roundup

US stocks fell last night, and the Hang Seng Index bottomed out again today. The Hang Seng Index opened 64 points lower at 17,267 points. The half-day decline expanded to 179 points, or 1%, to 17,151 points. The H-Share Index fell 80 points, or 1.3%, to 5,869 points. The Hang Seng Technology Index fell 65 points, or 1.7%, reported 3,752 points. The market turnover was HK$ 31.5 bn. The strength of the U.S. dollar continues to affect commodity stocks. PetroChina (857) and CNOOC (883) fell 2.7% and 1.9% respectively. In addition, HK property stocks rose against the trend, with SHKP (16) and New World Development (17) rebound 2.2% and 3% respectively.

Source: KGI Asia Investment Strategy

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.